Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
SETS by contrast works through permanent electronic auction (the L2 book) where the orders in the book determine current bid and ask, VWAP forms a price in opening and closing auctions, and the MMs are off to the side, guided by the price range.
"so ondo is a SETSqx, so the difference?"
Yes. There are two variants of SETSqx, one with MMs doing their usual work but with periodic electronic auctions, and one with just the auctions, but it's most likely to be the former.
I am troubled by the 300-500k blocks clustered round 0.60 and the larger blocks at 0.65.
As several have observed, it might be resolved if some actual money arrives or at least complete binding agreements with all parties. They need it much higher to trigger the warrants and further finance. They and we really want that to avoid a placing at this ridiculous level.
As I said earlier, I don't like shares being controlled like this. It's another one that would for the moment be better managed with just MMs doing the work, even with their usual ploys. Still, once it's finally turned into a mid-tier producer I suppose being on SETS will work out.
I assume they're setting prices for O trades, perhaps trading the spread between 0.55 and 0.60, because relatively few orders are going through the book, now even fewer compared to relatively low volume in the book over the last few months. They seem keen on this particular price level, having forced it down from the spike up on the 30th June following the Umbrella RNS.